Grid Connected PV Systems Market Size, Share, Competitive Landscape and Trend Analysis Report, by Components, by Technology, by Grid Type, by Application : Global Opportunity Analysis and Industry Forecast, 2024-2033

Market Dynamics

The rising energy demand is a key driving factor for the grid connected PV systems market growth. As global energy needs continue to grow, there is an increasing emphasis on sustainable and renewable energy sources to meet this demand. Grid Connected PV Systems Industry offer a reliable and eco-friendly solution, reducing dependency on fossil fuels and lowering carbon emissions. Governments and industries are investing in PV technology to enhance energy security and support environmental goals. This push toward renewable energy is accelerating the adoption of grid-connected PV systems, making them a crucial component in the global energy landscape.

High initial costs present a significant restraint in the grid-connected PV systems market. The substantial upfront investment required for purchasing PV panels, installation, inverters, and grid connection fees can be prohibitively expensive for many consumers. Despite potential long-term savings on energy bills, the steep initial expenditure often deters widespread adoption, particularly in regions with lower disposable income. This financial barrier slows market growth, especially among residential and small business segments, limiting the broader implementation of solar energy solutions.

Advancements in energy storage, particularly in battery technology, present a significant opportunity in the grid-connected PV systems market. Improved batteries enhance the capacity to store solar energy efficiently, enabling better energy management and a more consistent power supply, even during periods of low sunlight or high demand. These advancements make grid-connected PV systems more reliable and attractive to consumers and businesses, fostering greater adoption. Furthermore, the integration of cutting-edge storage solutions with PV systems allows for better load balancing and peak shaving, reducing reliance on the grid and lowering energy costs. This convergence of technology positions grid connected PV systems market share as a key player in the transition to more sustainable and resilient energy infrastructure.

Public Policies in the Global Grid Connected PV Systems Market

Public policies play a crucial role in shaping the global grid-connected PV systems market.

• Incentives and Subsidies: Many governments offer financial incentives, such as tax credits, rebates, and grants, to encourage the adoption of PV systems. These incentives lower upfront costs and make solar energy more accessible.
• Renewable Energy Targets: National and regional targets for renewable energy generation drive investment in PV systems. Policies mandating a certain percentage of energy from renewables push utilities and consumers towards solar.
• Grid Modernization Initiatives: Policies focused on upgrading and expanding grid infrastructure to accommodate distributed energy resources, including PV systems, are vital for market growth.
• Environmental Regulations: Policies aimed at reducing carbon emissions and combating climate change create a favorable environment for the expansion of PV systems by encouraging the shift from fossil fuels to renewables.
• Research and Development Support: Government funding and support for R&D in solar technologies and energy storage contribute to the advancement and cost reduction of PV systems, making them more competitive.

Market Segmentation

The market is segmented into component, technology, grid type, application and region. On the basis of component, the market is divided into power conditioning unit, grid connection equipment, inverters, and others. As per technology, the market is divided into thin film, crystalline silicon, and others. On the basis of grid type, the market is divided into grid connected, centralized, and decentralized. On the basis of application, the market is divided into residential, commercial, utility, and industrial. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Regional Market Outlook

The North American grid-connected PV systems market is driven by strong governmental support, including tax incentives, renewable energy mandates, and net metering policies. These initiatives encourage both residential and commercial adoption of solar power. Additionally, decreasing costs of PV technology, coupled with advancements in energy storage, enhance system efficiency and reliability. Growing environmental awareness and corporate sustainability commitments further boost demand, positioning grid-connected PV systems as a critical component of the region’s energy transition.

In August 2020, Canadian Solar began construction on a significant commercial and industrial rooftop solar project in Penang, Malaysia, in partnership with Antah Solar Sdn. Bhd. and Eleaps Sdn. Bhd. Spanning approximately 26, 000 m², this 5 MW project is one of the largest of its kind in the country, highlighting Malaysia's commitment to renewable energy.

Competitive Landscape

The major players operating in the grid connected PV systems market include ABB, Canadian Solar Inc., Delta Electronics Inc., Emeren Group Ltd., First Solar Inc., Flin Technologies Pvt. Ltd., Hanwha Corp., Huawei Technologies Co. Ltd., JA Solar Technology Co. Ltd., and JinkoSolar Holding Co. Ltd.

Recent Key Strategies and Developments

In April 2021, ACWA Power inaugurated the 300 MW Sakaka PV IPP, Saudi Arabia's first utility-scale renewable energy project, at a cost of SAR 1.2 billion. Awarded at a record-breaking price of USD 2.3417 cents per kWh, this project highlights the growing competitiveness and potential of grid-connected PV systems in driving large-scale renewable energy adoption.

Industry Trends

• In January 2021, Royal Dutch Shell PLC began constructing a 25 MW Qabas solar facility in the Sohar Free Zone, Oman. Spanning 50 hectares and consisting of 88, 000 solar modules, this grid-connected PV system reduces approximately 25, 000 tonnes of CO2 emissions annually. The facility feeds clean energy directly into the grid, supporting Oman's renewable energy goals and sustainability efforts.
• In November 2019, Tata Power announced plans to build 10, 000 renewable microgrids by 2026, aiming to significantly increase global microgrid projects. These initiatives will enhance the adoption of solar PV, offering clean, reliable, and affordable electricity. This large-scale deployment is expected to drive revenue growth in the Grid-Connected PV Systems Market during the projection period.

Key Sources Referred

1. Annual Reports
2. Investor Presentations
3. Press Releases
4. Research Papers
5. D&B Hoovers
6. Government Publications
7. Industry Publications and News Outlets

Key Benefits for Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the grid connected pv systems market analysis from 2024 to 2033 to identify the prevailing grid connected pv systems market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the grid connected pv systems market segmentation assists to determine the prevailing market grid connected pv systems market forecast opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global grid connected pv systems market trends, key players, market segments, application areas, and market growth strategies.